Mullen Automotive (NASDAQ:MULN) Trading Down 19.3% – What’s Next?

Mullen Automotive, Inc. (NASDAQ:MULN) shares fell 19.3% during trading on Monday . The stock traded as low as $1.30 and last traded at $1.24. 727,920 shares traded hands during trading, an increase of 37% from the average session volume of 532,827 shares. The stock had previously closed at $1.53.

Mullen Automotive Price Performance

The stock has a 50-day moving average price of $22.27 and a two-hundred day moving average price of $263.61.

Mullen Automotive (NASDAQ:MULN) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($661.33) earnings per share for the quarter. The business had revenue of $2.92 million for the quarter. Mullen Automotive had a negative return on equity of 2,736.27% and a negative net margin of 12,717.94%.

Insiders Place Their Bets

In other news, Director John Kevin Andersen sold 174,500 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $0.91, for a total value of $158,795.00. Following the completion of the transaction, the director now directly owns 9 shares in the company, valued at $8.19. This trade represents a 99.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mary Winter sold 62,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $2.01, for a total value of $124,620.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 241,216 shares of company stock valued at $302,766. Insiders own 3.63% of the company’s stock.

Institutional Trading of Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC bought a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 0.34% of Mullen Automotive at the end of the most recent reporting period. Institutional investors and hedge funds own 11.71% of the company’s stock.

About Mullen Automotive

Mullen Automotive, Inc, an electric vehicle company, manufactures, sells, and distributes electric vehicles. Its products include passenger electric vehicles and commercial vehicles; and provides solid-state polymer battery technology. The company is headquartered in Brea, California.